The company’s business model has placed it in a robust position with strong reserves and stable reliability profile
The global mid and downstream energy company, Puma Energy, has announced the successful closing of its new one-year Revolving Credit Facility (“RCF”) which totals to US$ 400 million in addition to extending and increasing its three-year Revolving Credit Facility to US$ 330 million.
The new RCF was oversubscribed to more than US$ 580 million which were subsequently scaled back by the company, following strong global demand from banks across six continents. With regard to the existing US$ 270 million three year RCF, US$ 245 million was extended by one year to 2020. Moreover, new commitments of US$ 85 million were added by means of the accordion feature from six new banks.
“For the sixth consecutive year, the market has responded to Puma Energy with continued support for our business model. Existing Banks supported the extension of our three year facility and we are very satisfied with the arrival of six new banks into this facility bringing an additional US$85 million of three year money. This fits our strategy of extending bank loan maturity. We are well positioned with strong liquidity and balanced maturity profile,” said Chief Financial Officer for Puma Energy, Denis Chazarain.
“We appreciate the support we continue to enjoy from our existing bank relationships as well as from our new banking partners from all regions. We look forward to building equally strong foundations with them. We were particularly pleased with the confidence in our medium to long term strategy, as shown by the significant acceptance levels of our extension request for the three year RCF,” said Dirk-Jan Vanderbroeck, Puma Energy’s Global Head of Corporate Finance and Treasury. PWKD09052017